Ableton is the new way to approach music production. Past ableton live releases have featured a very competent audio stretching engine that was similar to ACID. In Live 4.1 midi handling is totally integrated and VST support is now added. So this program can replace the bulky and fiddly programs like CUBASE, SONAR, and LOGIC. You can even record from external hardware, microphones, and rewire slaves (REASON FITS LIKE A GLOVE)

Good Points
The best points are the ease of use. This is so ridiculously easy to use that anybody can get the hang of having this much studio power. ALso everything lines up on beat, presto.Bad Points
The midi editing is a bit clunky. It sort of is too simplisitic at times.

Ableton Live 4.1 Specifications:

Max tracks:
Not sureMaximum Resolution:44.1k@24bits
EQ: two types Dynamics: all modern processors